Press release
AST SpaceMobile Provides First Quarter 2023 Business Update
MIDLAND, Texas--(BUSINESS WIRE)-- AST SpaceMobile, Inc. (“AST SpaceMobile”) (NASDAQ: ASTS), the company building the first and only space-based cellular
About this update from Ast Spacemobile, Inc.
[{"type":"text","content":" MIDLAND, Texas--(BUSINESS WIRE)--\nAST SpaceMobile, Inc. (“AST SpaceMobile”) (NASDAQ: ASTS), the company building the first and only space-based cellular broadband network accessible directly by everyday smartphones, is providing its business update for the three months ended March 31, 2023.\n\n\n“AST SpaceMobile is making history,” said Abel Avellan, Chairman and Chief Executive Officer of AST SpaceMobile. “Completing the first-ever direct voice connection from our BlueWalker 3 test satellite in space to everyday cellular devices in April was hailed by our partners and leaders in the wireless ecosystem as the latest ‘first’ that changed the way people connect. This accomplishment validated our technology in orbit, and confirmed we have the ability to connect with everyday smartphones from all major handset manufacturers in a market with over five billion mobile devices in use today.”\n\n\nBusiness Update\n\n\n\nCompleted successful first-ever two-way voice calls from space directly to everyday unmodified smartphones using the BlueWalker 3 (“BW3”) test satellite\n\n\n\nKey milestone in the BW3 testing program validates the satellite technology, including the ability to work with everyday smartphones and ability to integrate with the existing cellular ecosystem, including spectrum\n\n\n\nTesting plan has transitioned to demonstration of 4G and 5G download speeds\n\n\n\nConfirmed no major changes to the design of the Block 1 satellites following BlueWalker 3 testing\n\n\n\nManufacturing underway in Midland, Texas, with production on track for planned launch of five Block 1 BlueBird satellites in Q1 2024\n\n\n\nSigned spectrum lease agreement with AT&T, a first step to offering commercial service to AT&T customers in the U.S., contingent upon regulatory approval and execution of a definitive commercial agreement\n\n\n\nFirst Quarter 2023 Financial Highlights\n\n\n\nEnded the first quarter with cash, cash equivalents, and restricted cash of $185.7 million\n\n\n\nTotal operating expenses increased by $1.9 million to $44.5 million for the first quarter of 2023, as compared to $42.6 million in the fourth quarter of 2022, due to a $1.7 million increase in research and development costs, $0.5 million increase in engineering services and $0.5 million increase in depreciation and amortization costs, offset by a $0.8 million decrease in ge...